“We expect to be able to take advantage of our heavy lease expiration cadence over the next couple of years, to close underperforming stores or relocate stores to improve sales and profitability on a per-store basis,” the company said in a letter to investors last month.

Bed Bath & Beyond face a net loss of $138.8 million or $1.12 per diluted share. Much of the loss comes from charges related to severance costs associated with workforce reduction and outsourcing as the company works to transform operations in a changing retail landscape.